Facebook Lawsuit Dropped

Cameron and Tyler Winklevoss | ConnectU

Image source: www.technical-stop.net

 

Cameron and Tyler Winklevoss gave up on taking one lawsuit against the Facebook founder Mark Zuckerberg to the US Supreme Court. The Winklevoss twins claim Mark Zuckerberg stole their idea for Facebook while they were studying together at Harvard.

In 2004 the Winklevoss brothers sued Facebook founder Mark Zuckerberg for $140 million, claiming he stole their ConnectU idea to create the social networking site Facebook. ConnectU filed a lawsuit against Facebook alleging that Mark Zuckerberg had broken an oral contract with them. The lawsuit alleged that Mark Zuckerberg had copied their idea and used source code intended for ConnectU.

Cameron and Tyler received a $65 million settlement in 2008. This was also featured in the film The Social Network. Their settelment may be considerably higher today because $45 million of it was conferred in Facebook shares that are worth more than $150 million.

The Winklevoss brothers eventually backpedaled on the settlement, claiming that Facebook had withheld information from them, rendering the accord fraudulent.

On April 2011, a San Francisco federal appeals court upheld the settlement and although the Winklevoss twins had been planning to appeal that ruling, they submitted a filing on 22 June 2011 saying that they had decided not to seek Supreme Court intervention.

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